After a very brief rally auto manufacturers are back in the red on news that their plant shutdowns have been extended.Toyota announced it would extend production halts through March 22 which is estimated to affect about 95,000 cars, according to the AP. The company was supposed to restart production today. However, it will resume production at its replacement parts factories tomorrow.
What else we know (via the AP):
- Honda has suspended production at six plants through the end of the week. This will affect output of 16,600 cars and 2,000 motorcycles.
- Mazda and Subaru will keep their main plants closed through March 20.
Though the full impact of these production cuts are still being determined keep in mind that Japan is the second largest vehicle producer in the world after China. The U.S. imported 1.2 million vehicles from Japan in 2009.
Here are the auto stocks that are down today:
- Toyota is down 1.00%
- Nissan is down 2.91%
- Honda is down 4.13%